Tuesday, January 27, 2015
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
* Check out the January “issue” of THE TAX PROFESSIONAL – the last word from TTP until after the tax filing season.
And fellow tax pros, PLEASE send me your comments on my editorials.
* Did you see this week’s post at BOB’S BABBLINGS?
* MainStreet.com continues with my filing season Tax Tips –
* Looking for a tax professional to prepare your 2014 returns? Start your search at FIND A TAX PROFESSIONAL.
* Words of wisdom from Trish McIntire in “Waiting Game” at OUR TAXING TIMES -
“So no, I can’t use your last paystub to file your return. First, it’s illegal. Secondly, the paystub may not have all the info I need. Nor can I do a return based on your insistence that everything is the same as last year. Believe me, it never is. I need this year’s numbers.”
* Jason Dinesen talks about “Ridiculous IRS Situations I’ve Recently Dealt With” at DINESEN TAX TIMES.
Considering the IRS budget cuts it doesn’t look like things will b getting any better soon.
I expect the multiple “45 days” letters that we all get before the Service fixes its FUs will become “60 days”.
I, too, have noticed post-dated letters from the IRS.
However one thing can be sad for the IRS. As Jason tells us (highlight is mine)–
“Finally a few weeks ago, the IRS sent a letter saying they found the payment, it had accidentally been misapplied in their system, and apologizing for any inconvenience.”
This is not unusual – but those who deal with the NJ Division of Taxation know that receiving an apology from the Division is a true rarity.
* It looks like what I feared will probably happen. INC reports “Treasury Secretary to Congress: Focus on Business Taxes, Not Income Taxes” –
“Treasury Secretary Jacob Lew dismissed efforts in Congress to overhaul the nation's tax laws by lowering the top income tax rate paid by individuals, saying lawmakers should instead focus on simplifying taxes paid by businesses.”
I had given up on any substantive individual income tax reform happening during the remaining years of the BO presidency anyway.
* Jean Murray thinks “Using Cash to Pay Employees and Independent Contractors” is not a good idea, and explains why at ABOUT.COM.
* As tax filing season is almost here (it begins on February 1st), Robert W Wood reminds us of “10 Crazy Sounding Tax Deductions IRS Says Are Legit” at FORBES.COM. Actually in most cases it was the Tax Court who said the deductions were legit.
* RWW’s fellow FORBES.COM tax blogger Kelly Phillips Erb (aka Taxgirl) reports that you can now “Track Tax Refunds, Obtain Tax Transcripts This Filing Season With Free IRS App”.
* My discussions on BO’s SOTU tax proposals are referenced in ACCOUNTING TODAY’s weekly BUZZ-like “In the Blogs” series post titled “Fail, Caesar”.